(Bloomberg) -- Spanish families are back in the mood to spend as sustained economic growth boosts confidence.
In 2017, households in Spain borrowed a net 3.1 billion euros ($3.7 billion) to finance their spending, according to the National Statistics Institute. It was the first time since 2008 that families had net borrowing after almost a decade of net saving.
The data suggests consumers are loosening their belts amid an economic expansion that's now in its fifth year with growth for 2018 forecast at 2.7 percent by the government. The trend looks positive for Spanish banks that have struggled to boost lending revenue amid ultra-low interest rates and slack demand for credit.
To contact the reporter on this story: Charlie Devereux in Madrid at cdevereux3@bloomberg.net.
To contact the editors responsible for this story: Dale Crofts at dcrofts@bloomberg.net, Charles Penty, Fergal O'Brien
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